XRPScan, a prominent explorer for the XRP Ledger (XRPL), has announced that the number of active addresses on the platform has soared to an all-time high (ATH), surpassing the crucial milestone of 7 million accounts. This surge occurs despite XRP’s price struggles, which have seen it dip below the psychological threshold of $3.
According to XRPScan’s latest update on X, the figure of 7 million refers to accounts that maintain a minimum balance of 1 XRP. A validator associated with XRPL suggested that the term “activated accounts” might be more fitting than “active accounts.” However, XRPScan raised concerns regarding the implications of this terminology, pointing out that while the number of accounts activated is approximately 7.7 million, not all may be currently utilized.
In a separate commentary, the validator praised the XRP Ledger’s ongoing expansion, describing this milestone as merely the beginning of a broader shift towards on-chain solutions becoming the new standard for online activity.
Data from Santiment provides additional context regarding user engagement on the XRP Ledger. On September 21, the number of daily active addresses was reported at 38,471, marking a steady performance but notably lower than earlier peaks. For instance, on June 14, daily active addresses reached an impressive 581,080. This figure indicates a significant decline in daily user participation compared to the earlier part of the summer.
Moreover, the adoption rate of the XRP Ledger has been on a downward trajectory. July 18 had witnessed a considerable uptick in the number of new addresses being created, reaching 11,058. Currently, however, the trend has dropped to just below 5,000 new addresses.
Compounding these challenges is the recent decline in XRP’s price within the larger context of a bearish cryptocurrency market. As of now, XRP has fallen below the $3 barrier, with key support levels slipping around the $2.90 mark. Renowned crypto analyst Egrag Crypto has indicated that the 50 Exponential Moving Average (EMA) is expected to intersect with XRP’s price around $2.77. Further, should the altcoin break through this threshold, it may face additional downside risks. Egrag Crypto emphasized that while short-term market movements warrant close observation, the overarching trends on higher time frames remain clearer.
At the time of this report, XRP is trading at approximately $2.88, reflecting a decrease of over 4% in the past 24 hours, according to CoinMarketCap data. The fluctuating market dynamics and shifts in user engagement signal a complex landscape for XRP and its ongoing evolution within the crypto space.
